Global| Sep 14 2011U.S. Business Inventory Growth Is Stable In July
by:Tom Moeller
|in:Economy in Brief
Summary
The U.S. Commerce Department reported that business inventory growth held steady in July at 0.4%. Business sales increased 0.7% and were slightly stronger than June. With the moderate inventory growth, the inventory/sales ratio [...]
The U.S. Commerce Department reported that business inventory growth held steady in July at 0.4%. Business sales increased 0.7% and were slightly stronger than June. With the moderate inventory growth, the inventory/sales ratio slipped to 1.27. By July inventories were 10.6% higher than July 2010, and sales were up 12.0%.
In the retail sector, the gain in sales contributed to lower inventories. Sales in July rose 0.3% after a 0.2% June increase. Retailers' inventories declined slightly with a y/y gain a low 4.0%. General merchandise and building material stocks fell for the second month, while furniture was down for the fifth month this year. Clothing inventories were up a strengthened 6.8% from last year. Motor vehicle dealers saw a lessened 3.9% y/y increase. Inventory/sales ratios held low.
The manufacturing and trade data are in Haver's USECON database. Note that in a value-added feature, the database includes series calculated by Haver database managers showing sales, inventories and I/S ratios for total business less motor vehicle dealers and related wholesale operations.
|
Business Inventories (%) |
Jul | Jun | May | Jul Y/Y | 2010 | 2009 | 2008 |
|---|---|---|---|---|---|---|---|
| Total | 0.4 | 0.4 | 0.9 | 10.6 | 8.6 | -9.3 | -1.2 |
| Retail | -0.0 | 0.2 | 0.4 | 4.0 | 6.1 | -10.0 | -4.4 |
| Retail excl. Motor Vehicles | -0.2 | 0.2 | 0.4 | 4.1 | 3.7 | -4.7 | -3.0 |
| Merchant Wholesalers | 0.8 | 0.6 | 1.7 | 15.1 | 11.0 | -11.8 | 3.7 |
| Manufacturing | 0.5 | 0.4 | 0.8 | 12.8 | 8.7 | -6.8 | -4.1 |
| Business Sales (%) | |||||||
| Total | 0.7 | 0.5 | -0.1 | 12.0 | 9.3 | -14.6 | 2.3 |
| Retail | 0.3 | 0.2 | -0.2 | 8.7 | 6.8 | -7.8 | -1.6 |
| Retail excl. Motor Vehicles | 0.3 | 0.1 | 0.3 | 8.4 | 6.1 | -6.3 | 2.1 |
| Merchant Wholesalers | -0.0 | 0.6 | -0.3 | 14.4 | 12.6 | -16.1 | 5.9 |
| Manufacturing | 1.6 | 0.6 | -0.0 | 12.6 | 8.6 | -18.5 | 2.3 |
| I/S Ratio | |||||||
| Total | 1.27 | 1.28 | 1.28 | 1.29 | 1.28 | 1.39 | 1.32 |
| Retail | 1.34 | 1.34 | 1.34 | 1.40 | 1.37 | 1.46 | 1.51 |
| Retail Excl. Motor Vehicles | 1.19 | 1.19 | 1.19 | 1.24 | 1.23 | 1.30 | 1.29 |
| Merchant Wholesalers | 1.17 | 1.16 | 1.16 | 1.16 | 1.16 | 1.30 | 1.21 |
| Manufacturing | 1.34 | 1.32 | 1.34 | 1.33 | 1.41 | 1.27 | |
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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